If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Therefore, It’s crucial for you to understand the fair market value basis rules so that you don’t pay more tax than you’re legally required to.

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Continue Reading Understand Fair Market Value Rules for Your Estate and Property

A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift tax exclusion with direct gifts. Even in a potentially changing estate

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan:

Lifetime gift and estate tax exemption

  • 2014: $5.34 million
  • 2015: $5.43 million

Generation-skipping transfer tax exemption

  • 2014: $5.34 million